Car registrations continue to plunge

Mon, 13 Oct 2008



Unfortunately, the effect of the credit crunch on car sales and car finance continues to become more apparent. With new car registrations falling for the fifth consecutive month in September, according to Society of Motor Manufacturers and Traders reports, it appears that the motor industry has taken a beating.

Many dealers are desperate to make sales, however, and are offering discounts to the few consumers in a position to purchase.

Speaking on the matter, Simon Empson of broadspeed.com was reported as commenting: "The discounts on offer have definitely become more attractive since the start of the credit crunch. Last week, we organised our first half-price sale on a Subaru Tribeca. Before the credit crunch, the average discount we could get on a German make such as a BMW was between 8% and 10%. Now we can cut the recommended price by up to 30%."

Vehicle finance in the UK is also much harder to obtain under current economic conditions.
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